HMRC has revealed that more pensioners filed a tax return for the 2020/21 tax year compared to young people. Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24-year-olds made up 2.7% of total filers. The new data is part of an analysis by HMRC… Read more…

Staff appraisals may be fear-inducing for both management and employees but they can be an invaluable tool- if done right. It’s all about how both parties approach this interaction. For some, it can be an anxiety inducing trip to the headmaster’s office but for others, it’s a collaborative meeting. It’s true that there’s no legal… Read more…

Chancellor of the Exchequer Jeremy Hunt is set to unveil over 30 regulatory reforms to the UK’s financial sector, the government has announced. The Chancellor will set out plans to repeal, and replace, EU retained laws governing financial services. Mr Hunt says these reforms will unlock investment and turbocharge growth in towns and cities across… Read more…

The Plymouth and South Devon freeport has received final government approval. It will now receive up to £25 million in seed funding to help boost investment and support the growth of regional businesses. Freeports benefit from a range of measures, including tax reliefs, customs advantages, business rates retention, planning, regeneration and trade and investment support.… Read more…

Over half of UK companies currently face difficulties in adapting to the new rules for trading goods with the EU, according to a British Chambers of Commerce (BCC) survey. The survey also found that 77% of respondents who exported were unable to identify any growth as a result of the rule changes. The post-Brexit trade… Read more…

The Bank of England (BoE) has raised UK interest rates by half a percentage point to 3.5%. It is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank battles to stem soaring prices. The Bank’s Monetary Policy Committee (MPC) voted 6-3 in favour of putting… Read more…

Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023. Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget. The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used… Read more…

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder, the UK government has announced. Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual… Read more…

Tax non-compliance during the pandemic cost the UK government £9 billion, according to a report from the National Audit Office (NAO). HMRC redeployed around 1,350 workers to Covid-19 support schemes throughout 2020/21, shrinking the number of those working on tax compliance, the NAO said. This reduced the tax authority’s capacity to investigate people and businesses… Read more…

The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through… Read more…